French Finance Minister Bruno Le Maire has established a deadline at the end of March for New Caledonia to approve a state bailout deal for the territory’s nickel industry, emphasizing that there will be no room for further negotiations. The proposed deal aims to support the struggling nickel sector in the face of challenges such as high production costs and competition from Indonesia. The agreement includes state subsidies for energy costs and investments in electricity production to enhance the competitiveness of local nickel plants. Additionally, the deal requires nickel firms to increase their supply to Europe, aligning with the region’s focus on securing mineral resources for electric vehicle battery production.
France Sets End-of-March Deadline for New Caledonia Nickel Deal